- Bulls are challenging the main bear trend as they are preventing bears to break below the key 1.1530 level.
- EUR/USD is finding a floor above 1.1530 swing low, additionally supported by the 100-period simple moving average (SMA) on the 4-hour chart. Although EUR/USD got rejected at the 1.1600 level, the market has created a small double bottom and if bulls manage to pierce through 1.1600 again, then the next key resistance to look for is 1.1630 (August 8 high key level).
- A bear breakout below 1.1530 would invalidate the bullish bias and see the main bear trend resume.
Spot rate: 1.1585
Relative change: 0.03%
High: 1.1609
Low: 1.1542
Main trend: Bearish
Short-term trend: Bullish above 1.1530
Resistance 1: 1.1572 July 19 low
Resistance 2: 1.1600 figure
Resistance 3: 1.1630 August 8 high key level
Support 1: 1.1542 supply/demand level
Support 2: 1.1530 August 23 swing low
Support 3: 1.1508 June 8 low
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